Open AccessInventory models for short life cycle clothing products use a logistic growth model
Author(s) -
Valeriana Lukitosari,
Apol Pribadi Subriadi
Publication year - 2020
Publication title -
journal of physics. conference series
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.21
H-Index - 85
eISSN - 1742-6596
pISSN - 1742-6588
DOI - 10.1088/1742-6596/1490/1/012060
Subject(s) - obsolescence , clothing , profit (economics) , economic order quantity , order (exchange) , economics , inventory management , product lifecycle , clothing industry , product (mathematics) , fast fashion , business , consumer demand , industrial organization , microeconomics , marketing , operations management , new product development , supply chain , mathematics , geometry , archaeology , finance , history
Clothes are products that follow short-life fashion and market demand. Products with a short lifetime occur due to technological developments and/or changes in market tastes. The clothing industry is one of the industries that has a short and obsolete sales period in stages. The excess number of products that accumulate in the warehouse due to obsolescence can cause the company to get a profit that is not optimal. One strategy to increase demand for the product is to apply discounts. There are two types of discounts used, namely a single discount and multiple discounts. The demand function of inventory model is considered analogous to the logistic growth model. The results show profit is maximized to get optimal order quantity and optimal discount price.